KeyBanc analyst Edward Yruma upgraded Etsy Inc. to Overweight from Sector Weight with a $200 price target, suggesting an upside of 22.6 percent.
The analyst believes Etsy has some of the most compelling long-term secular growth opportunities in his coverage and that management set guidance reasonably for Q4.
His firm’s Key First Look Data has pointed to stable to improving quarter-over-quarter trends.
Longer-term, Yruma is “increasingly constructive” on continued increases in habitual buyers and potential TAM expansion via Depop.
Etsy operates two-sided online marketplaces that connect millions of buyers and sellers worldwide.
By Anusuya Lahiri
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